Cerebral blood perfusion has shown to be a sensitive biomarker of brain sparing at early stages of fetal growth restriction (FGR) compared to conventional Doppler estimates. Blood perfusion along with cerebral blood oxygenation may provide a holistic view of the fetal brain metabolism during FGR. Fractional moving blood volume, an ultrasound-based; and susceptibility weighted imaging, an MRI-based technique were used to estimate fetal cerebral blood perfusion and oxygenation, respectively. A significantly negative and positive correlation was found between cerebral blood perfusion and oxygenation, in normal growth and FGR fetuses, respectively. This dual modality based model will improve assessment of fetal well-being.